Indiana Trust Attorney – Revocable Trusts, Irrevocable Trusts, Special Needs Trusts, Pet Trusts, and Other Trusts
A trust is created when a person transfers their property to another to be kept by that person for the benefit of a third-party beneficiary. We help clients create trusts for a number of different objectives, including providing for children, pets, charities, and for their future welfare.
Trust Creation Requirements
To establish a trust in Indiana, a person must be over the age of 18 and be of sound mind. The trust will identify who is creating the trust, who the trustee will be (the person or entity who will receive the property to be kept for the third party beneficiary(ies)), who the beneficiaries will be (those who will ultimately receive the property), and the terms governing the ultimate distribution of funds from the trust.
A trust typically is made in writing. Trusts are used in the estate planning process for a multitude of reasons. One benefit of a trust is to allow property to be distributed quickly and privately, and to avoid probate (probate generally takes longer, and can cost as much or more than a trust). Additionally, while a will and the probate process is publicly accessible once the probate process has occurred, a trust allows for the private distribution of assets.
Types of Indiana Trusts, and How Trusts Can Be Beneficial
The most common type of trust is a Revocable Trust. However, there are other types of trusts including Irrevocable Trusts (Asset Protection Trust), Charitable Trust, Constructive Trust, Totten Trust, Pet Trust, Special Needs Trust, Spendthrift Trust. These trusts are all customized with specific objectives in mind, such as to provide for a distribution of money or assets to charities, or to care for a pet in the event that an owner dies before their pet.
Trusts may also be beneficial in the event that a parent dies while their children are young. With a will, the children might inherit money upon a parent’s death, which could result in the inheritance being quickly spent. A trust might be created to delay the age at which a beneficiary might receive the inheritance, while still providing for their welfare.
In the absence of a trust, the ultimate decision making on when the property would be received would be up to the probate court.
Medicaid Planning & Creditor Protection
Additionally, a trust can be used for Medicaid planning purposes or other creditor attacks or catastrophic events. These types of trusts are often referred to as Irrevocable Trusts or Asset Protection Living Trusts.
Our attorneys can draft an Asset Protection Trust for you. This is different than a typical revocable trust that you might use. An important difference though is, that once you have created the irrevocable trust, your ability to modify the trust might be limited(however, you still are able to retain the ability to control certain aspects of the trust). Additionally, an irrevocable trusts can be modified or terminated upon agreement of the trust creator, the trustee, and all of the beneficiaries.
Call Us to Learn More About How We Can Help with Your Trust Needs
To learn more about the trust process, call Dollard Evans & Whalin for a consultation regarding your estate, and drafting of a trust. Let us provide you with a customized estate plan around your needs and objectives. Please call 317-770-7070 for a free consultation with one of our lawyers.